Introduction
The digital asset trading platform #Uphold is planning to go public (IPO), inspired by Circle's success, while heavily betting on XRP – the coin that has previously faced legal controversy with the SEC. With Bitcoin's current price around $108,388 (according to CoinGecko, June 11, 2025) and XRP up 360% since November 2024, Uphold's move reflects the trend of leveraging the crypto market's recovery. This article provides an in-depth analysis of Uphold's IPO plan, XRP-focused strategy, and its impact on the cryptocurrency industry.
Uphold's IPO Plan
Uphold, under the leadership of CEO Simon McLoughlin, has appointed FT Partners to explore strategic options, including an IPO in the US or a sale to major corporations. An insider revealed that Uphold's valuation could exceed $1.5 billion. This decision comes amid a robust recovery in the crypto market, with Bitcoin up nearly 4% in 24 hours and XRP achieving a trading volume of $2.93 billion.
Circle's success, with CRCL shares rising 200% immediately after its IPO, along with Gemini's IPO filing on June 6, 2025, has created momentum for Uphold. However, the incident with Circle prioritizing traditional investors (TradFi) led the Arca fund to withdraw, highlighting the tensions between the crypto community and traditional finance, which could impact Uphold's IPO strategy.
XRP-Focused Strategy
Unlike multi-asset trading platforms, Uphold focuses almost exclusively on XRP, leveraging Ripple's legal victory over the SEC to attract the community $XRP in the USA. XRP has increased by 4% in the past week, with a current price of around $0.58 (according to CoinMarketCap, June 11, 2025). Uphold is expanding the XRP ecosystem through:
XRP Interest Lock: Partnering with Flare Network to provide yield for XRP holders.
XRP Debit Card: Launched in the US in May 2025, allowing users to earn XRP rewards when spending.
Vault Wallet: Launched in 2023, supports self-custody for XRP and other digital assets, enhancing the Web3 experience.
These initiatives help Uphold strengthen its position within the XRP community, but also put the company at risk if market sentiment towards XRP deteriorates.
Market Context and IPO Trends
The crypto market is witnessing a return of institutional investors, with Bitcoin ETF funds and stablecoin projects like USDC attracting significant capital inflow. Circle's success has paved the way for crypto companies like Uphold and Gemini to seek IPO opportunities, but Circle's TradFi preferences raise concerns about discrimination against traditional crypto investors.
Crypto-friendly policies in the USA, such as the CLARITY Act and BRCA GENIUS bill, facilitate the growth of companies like Uphold. However, investors need to be aware of the risks from price volatility and legal controversies related to XRP.
Impact on the Crypto Market
Uphold's IPO plan and focus on XRP could enhance liquidity and trust in the crypto market, particularly in the context of the anticipated altcoin season at the end of 2025. The development of the XRP ecosystem also promotes DeFi and Web3 applications, similar to projects on Solana or Ethereum. However, risks from reliance on XRP and tensions between TradFi and the crypto community could affect Uphold's long-term outlook.
